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If you actually click on the upgrade link, it will take you to a payment screen which has all that information but you don't have to pay just because you click that link.  The answer though, it is 19.99 PER year.  I am actually going through the same sort of thought pattern about upgrading.  I am concerned should I ever have to uninstall and then reinstall UTorrent, I will have to repay that fee in order to get the upgraded version and I can't find that information anywhere.

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It's per year, and you can uninstall and reinstall the client repeatedly. If your plus license expires, you can still upgrade to newer versions of uTorrent as desired. But the Plus features will stop working after 1 year regardless.

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